Essay about Internal Accountants Report to Management

Running head: INTERNAL ACCOUNTANTS REPORT TO MANAGEMENT Internal Accountant’s Report to Management ACCT 556 Introduction As the internal accountant of the European Newspaper Company, I have to perform various financial operations, and I am considered the expert in this field. As we all are faced with preparation for the upcoming government contract bid, we need to have a better understanding of how our company runs the business and issues that we can face if we enter into this contract. It is vital to visualize the actual impact of occupational fraud and abuse in the company. We also need to know how the US government oversees the accounting fraud and abuse and its affect on the company. What†¦show more content†¦Every company is required to obey the rules, and can have criminal charges for any violations. If our company becomes a government supplier, once the bid is accepted, it will come under scrutiny of the Government Accountability Office. The Government Accountability Office is an agency; however, they work for Congress and have watchdog duties. It has jurisdiction over bid pro test rulings; it can issue legal decisions relating to government contracts, and investigates allegations of illegal and improper activities. Section III Potential corruption schemes to be aware of within the company It is very important to be aware of the potential corruption schemes within the company. The most common form of corruption that can occur within the organization is bribery where the vendors are bribed to get business. This scheme involves exchange of value to get a contract or secure a project. The illegal payments can be made to maintain business relationships. One of the widely known corruption schemes is a conflict of interest. A conflict of interest is usually occurs when a company or an employee is involved in multiple interests that can corrupts the motivation for in act in others. Extortion is another type of corruption which can occur in any company. In this scheme, a vendor is ordering to make a payment forShow MoreRelatedInternal Accountants Report to Management Essay829 Words   |  4 PagesInternal Accountants Report to Management It is my opinion that a full financial status review would be in the best interest of the Company. We have taken pride in the fact that we qualify for Government contracts. We should not let anyone else find any fault within our Company. In conducting such a review, we would be able to thoroughly examine aspects of not only our control systems but our personnel and practices. 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